Czech signs memorandum of understanding with China's CITIC Group

Source: Xinhua 2018-04-20 04:22:45

PRAGUE, April 19 (Xinhua) -- Czech President Milos Zeman signed a memorandum of understanding on Thursday for a joint venture with China's state-owned investment company CITIC Group and CEFC Europe, the Czech-based branch of Chinese energy company CEFC.

As chancellor to the Czech president, Vratislav Mynar confirmed that the meeting between the president and a CITIC delegation took place on Wednesday.

According to the memorandum, CEFC Europe will hold a 51-percent stake in the venture, whereas CITIC Group is to hold the remaining 49 percent.

At the meeting, the parties discussed new investment projects as well as the strategy of CITIC Group to complete all current investments previously started by CEFC Europe in the Czech Republic.

The first involvement of CITIC Group in CEFC projects could begin within weeks. Mynar said the Chinese side showed serious interest in investing in the Czech Republic and plan to "invest a lot of energy and finance".

For instance, CITIC Group revived the agreement signed two years ago between China Development Bank and Czech J&T Holding Group about establishing a fund as a supporting platform for industrial and energy-related projects in the Czech Republic to the tune of about 800 million euros (988 million U.S. dollars).

"This is very interesting and it will be one of the priorities for the new projects," said Mynar.

Mynar said CITIC planned further meetings with other large Czech companies, such as J&T Holding Group, Zdas Zdar nad Sazavou metallurgy enterprise, Slavia football club, Lobkowicz brewery, and others.

Czech signs memorandum of understanding with China's CITIC Group

Source: Xinhua
2018-04-20 04:22:45

PRAGUE, April 19 (Xinhua) -- Czech President Milos Zeman signed a memorandum of understanding on Thursday for a joint venture with China's state-owned investment company CITIC Group and CEFC Europe, the Czech-based branch of Chinese energy company CEFC.

As chancellor to the Czech president, Vratislav Mynar confirmed that the meeting between the president and a CITIC delegation took place on Wednesday.

According to the memorandum, CEFC Europe will hold a 51-percent stake in the venture, whereas CITIC Group is to hold the remaining 49 percent.

At the meeting, the parties discussed new investment projects as well as the strategy of CITIC Group to complete all current investments previously started by CEFC Europe in the Czech Republic.

The first involvement of CITIC Group in CEFC projects could begin within weeks. Mynar said the Chinese side showed serious interest in investing in the Czech Republic and plan to "invest a lot of energy and finance".

For instance, CITIC Group revived the agreement signed two years ago between China Development Bank and Czech J&T Holding Group about establishing a fund as a supporting platform for industrial and energy-related projects in the Czech Republic to the tune of about 800 million euros (988 million U.S. dollars).

"This is very interesting and it will be one of the priorities for the new projects," said Mynar.

Mynar said CITIC planned further meetings with other large Czech companies, such as J&T Holding Group, Zdas Zdar nad Sazavou metallurgy enterprise, Slavia football club, Lobkowicz brewery, and others.